Open AccessLearning from Bjartur About Today’s Icelandic Economic Crisis
Author(s) -
Maria Pia Paganelli
Publication year - 2010
Publication title -
nordicum-mediterraneum
Language(s) - English
Resource type - Journals
ISSN - 1670-6242
DOI - 10.33112/nm.5.1.12
Subject(s) - icelandic , recession , poverty , action (physics) , economic collapse , development economics , economics , political science , economic growth , keynesian economics , philosophy , linguistics , physics , quantum mechanics , politics , law
Economies are complex systems resulting from human action but not from human design. The economic success of Iceland in recent decades was the result of the development of good institutions combined with a positive global economic climate. The recent economic downturn, not just in Iceland but around the world, should be a reminder that good institutions matter and should serve as an exhortation to continue building good institutions rather than dismissing them in favor of institutions that generate poverty.